When was the last time you checked your superannuation balance? See how it compares here.
Australia’s superannuation system is there to make sure you have enough income when you retire, but many don't give it a second thought until they're older.Xavier O’Halloran, director of advocacy group Super Consumers Australia, says it’s never too early to start paying attention to your balance.
Then you can compare the total amount to other people your age and gender using the SBS News interactive below.Checking your balance via your specific fund will give you your latest balance. Women in Australia on a median income will earn just over $1 million less over their working lives on average than their male counterparts, according to research released by the Australia Institute’s Centre for Future Work in March. Those women will retire with $136,000 less in superannuation than men and accumulate approximately $151,000 below what is considered by the Association of Superannuation Funds of Australia to be a “comfortable” retirement.
Those pillars are compulsory employer superannuation contributions , the age pension, and private savings and voluntary superannuation contributions. The ASFA has a Retirement Standard that shows the lump sum amount needed by the average Australian at age 67 to fund a comfortable and modest retirement. It assumes the retiree will also receive a part-age pension, owns their own home outright and is relatively healthy.that Australia is currently experiencing.“We encourage people when they’re thinking about how much they actually need to retire, to look at their own spending habits and get an idea of what they need month to month,” he said.
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